Nycomed to build 65-75 mln euro Russian plant

Nycomed, the private-owned Swiss drug maker, said on Tuesday it would invest between 65 million and 75 million euros ($95 million and $110 million) over the next five years in the construction of a production plant in Russia.

The new facility will produce medicines for the Russian and neighbouring markets of the Commonwealth of Independent States (CIS), which together contribute 10 percent to Nycomed's turnover, the company said in a statement.

"The investment underlines our belief in the long-term prospects of the pharmaceutical market in Russia-CIS and we welcome the efforts of the Russian authorities to develop this market," Nycomed Chief Executive Hakan Bjorklund said.

Nycomed will start construction of the plant in the Yaroslavl region in 2010 and the plant will start production of liquid sterile products and solid medicines in 2014.